The global shunt capacitor market is garnering substantial traction. Utilities use shunt capacitors to provide reactive power near the inductive loads that require even distribution of voltages. Also, shunt capacitors are used broadly by utilities to prevent damages to critical and expensive electrical equipment. Besides, the market growth attributes to various applications of shunt capacitors in high-powered lasers, electric instruments, and electric vehicles.
Moreover, increasing investments to substantiate green-energy generation and fuel-cell electric vehicles worldwide escalate market growth. According to Market Research Future (MRFR), the global Shunt Capacitor Market size is poised to value USD 893.8 MN by 2023, registering 6.72% CAGR during the assessment period (2017–2023). Increasing shunt capacitors' applications in portable electric medical devices is a major driving force behind the market growth.
Also, the extensive uptake of these capacitors in various industries such as energy, consumer electronics, industrial, and automotive acts as a key tailwind for the market's growth. Additionally, the increasing need for energy conservation and the demand for high-performance capacitors bolster the market size. Increasing demand for additional capabilities and high implementation of capacitors across various sectors impacts the market growth positively.
Global Shunt Capacitor Market – Segments
The report is segmented into three dynamics;
By Voltage: Low, Medium, and High Voltage.
By End User: Utilities, Industries, and others.
By Regions : Asia Pacific, North America, Europe, and the Rest-of-the-World.
Global Shunt Capacitor Market – Competitive Analysis
Highly competitive, the shunt capacitor market appears to be fragmented due to the presence of numerous well-established players. Strategic moves such as innovation, mergers & acquisitions, and brand reinforcement support the key players' growth and expansion plans.
These players make substantial R&D investments to deliver reliable, leading-edge products and services. Strongly focused on enhancing their product portfolios with the latest technologies, these companies follow organic and inorganic growth approaches, engaging in product development. The market competition would intensify further due to new product launches and the new entrants in the market.
Global Shunt Capacitor Market – Regional Analysis
The Asia Pacific region dominates the global shunt capacitor market trends. The largest market share attributes to the increasing demand for energy, growing population, and improving lifestyles of demographics. Besides, the presence of many capacitor manufacturers and the increasing growth in the consumer electronics & automotive industries substantiate the regional market size.
China, Japan, and India are predominantly driving the growth in the regional market due to the presence of a large number of electronic devices manufacturing companies in these countries. China is the world's largest market for the power transmission & distribution network and invests a huge amount each year. The APAC shunt capacitor market is projected to retain its dominance, registering 7.34% CAGR throughout the estimated period.
Europe stands second in the global shunt capacitor market. The market growth is driven by burgeoning electronics industries, especially in the UK and Germany. Additionally, strict regulations pertaining to environment-friendly technologies influence the regional market. Growing demand for shunt capacitors and increasing R&D activities act as key driving forces for the regional market's growth.
Furthermore, the presence of major electronics manufacturers and rising demand for digital technologies contribute to the regional market's growth. The availability of potent technologies at a much affordable cost is a trend likely to continue in the upcoming years. The European shunt capacitor market is expected to grow at a considerable CAGR throughout the review period.
The North America shunt capacitor market demonstrates a huge potential for revenue generation. The region is a hub for the technological development and adoption of innovative technologies. Factors such as the increasing demand for replacement of aging infrastructure and targeted government initiatives to improve the existing T&D grid foster the market's growth.
Moreover, the rapidly growing automotive and consumer electronics industry verticals and the presence of a well-established infrastructure support market progress, allowing implementations of advanced technologies. The US and Canada are key growth contributors to the growth of the regional market. The North American shunt capacitors market is expected to generate a substantial revenue pocket through 2017-2023.
Major Players
Players leading the shunt capacitor market include Schneider Electric (France), ABB Ltd. (US), General Electric Company (US), Larsen & Toubro Ltd (India), Siemens AG (Germany), Eaton Corporation Plc (Ireland), Magnewin Energy Private Limited (India), Aerovox Corp. (US), CIRCUTOR, SA (Spain), and Energe Capacitors Pvt. Ltd. (India), among others.
Industry/ Innovation/ Related News
July 23, 2020 ----- The Energy Department US laid out the next steps for executing the White House's Executive Order regarding the US Bulk Power System. On May 1, President Trump signed an Executive Order, Securing the US Bulk-Power System. The Executive Order authorizes DOE to determine bulk-power equipment purchases.
DOE is creating a task force to develop recommendations for excluding national security threats from the power grid. It is requesting information from energy companies for identifying and mitigating vulnerabilities in the bulk-power system. DOE is consulting with other agencies to develop regulations to implement the Executive Order.
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